T Boone Pickens: Average $70 oil in 2007

[a529612]

The sharp drop in crude-oil prices is goring T. Boone Pickens, one of the biggest bulls in the energy market.

Mr. Pickens has seen his main investment vehicle, a $2 billion hedge fund fall about 6% so far this year, compared with a gain of 1% for the Dow Jones Industrial Average.

But Mr. Pickens remains bullish.

"I've been surprised at how severe the decline was," Mr. Pickens said in an interview. "Consequently, I'm not ready to give up." He added that he is "not going to back off" an earlier prediction that oil will average $70 a barrel in 2007.

http://online.wsj.com/google_login..../SB116898528258978059.html?mod=googlenews_wsj

 

[clacy]

A lot will obviously depend on how the Iran situation plays out. It wouldn't shock me if he is right.

 

[dac8555]

bonne is very long oil and has been for a while...he is going to say that.

fact of the matter is nobdy knows. I wouldnt count on it...nobody has a crystal ball.

 

[libertad]

Pickens is an old oil sage whose sole business is oil...

He was very right just before 1980....and very wrong thereafter at $10...Now he is very right at a Katrina $75...and very wrong somewhere afterwards....

Once you have built your house...thats it....what will come...will come.....

 

[El OchoCinco]

Before you jump on his record in 2007, check out his stats in 2005 and 2006. According to him those were his #1 and #2 years ever. I am sure this little dip is not as bad as you think

 

[S2007S]

where is the next support once OIL falls below 50???

 

[a529612]

Has anyone heard rumors on Boone getting margin calls and thus the recent sell offs in the oil patch?

 

[S2007S]

Quote from a529612:

Has anyone heard rumors on Boone getting margin calls and thus the recent sell offs in the oil patch?

He is 101% bull on oil, to see oil drop to 50 is like seeing the nasdaq bubble burst in 2000.

 

[walter4]

Quote from S2007S:

He is 101% bull on oil, to see oil drop to 50 is like seeing the nasdaq bubble burst in 2000.

Oil finished 2006 in RED, yet this guy made another $ billion. You guys should stop believing everything you see on TV, really.

The number do not add up here, the guy is a bull.....er.

 

[Cutten]

Quote from optioncoach:

Before you jump on his record in 2007, check out his stats in 2005 and 2006. According to him those were his #1 and #2 years ever. I am sure this little dip is not as bad as you think

Exactly. He's doing a pretty good job following the trader strategy of making a killing when right, and not losing too much when wrong. Also, earlier this year he said he expected a healthy correction.